New Delhi: The Budget Session of Parliament will commence from July 2 and the General Budget for 2009-10 will be presented to the Lok Sabha on July 6. And when that Union Budget is presented the income tax exemption limit could be changed.
Sources have told Network 18 that the exemption limit under Section 80 C could be hiked from Rs 1 lakh to Rs 1.5 lakh. This opens up more scope for tax free investments in infrastructure.
The government could also issue infrastructure and housing development bonds, say sources.
Meanwhile, the schedule for the budget session of Parliament was decided at a meeting of the Union Cabinet chaired by Prime Minister Manmohan Singh on Monday.
The Railway Budget will be presented by Railway Minister Mamata Banerjee on July 3.
The session, which will start from July 2 with the presentation of the Economic Survey, would last till August 7.
The Government hopes to pass the budget before July 31 to avoid the need for a fresh vote-on-account.
Presentation of the Economic Survey, the Railway Budget and the Union Budget would be followed by a discussion on the demands for grants of select ministries.
(With inputs from PTI)
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